The Supreme Court on Wednesday ordered Bahria Town Chairperson Malik Riaz’s property to be confiscated.
The order came during the hearing of a review petition filed by the property giant against the apex court’s earlier verdict. In May, the SC issued a verdict barring Bahria Town from selling or allotting land in its Bahria Town Karachi housing project and declared the housing project’s exchange of land with the Malir Development Authority illegal.
During the hearing on Wednesday, Chief Justice Saqib Nisar questioned how a city this large was built within a year. We all know about your dealings and your associates, he added.
The court also ordered Bahria Town to deposit 20% of the fee received from allottees and to submit monthly audit reports of its accounts.
A day before, on June 26, the court had ordered the property tycoon to deposit Rs5 billion as a guarantee within 15 days.